My first thought was oil it too. +1 BLJones
Too much Linseed oil and it can get pretty dark.
One thought. Use some duct tape to masquerade as the gray areas you are thinking about. Duct tape is almost gray.
If you like it then why not paint, or better yet stain, you mahogany a gray color. You could even use Japan colors to stain it. Ronan Paints-sign paint,fluorescent paints,clear coatings,decorative paints,japan color,graphic paints,faux finish,metallic paint,scenic paints
I don't think that mahogany grays as gracefully as teak does and still holds it's strength.
Looking good in the re-fit department though.